Non-oil PMI ticks up to 47.1 in May, but selling-price inflation surges

Our non-oil private sector saw a modest pickup in May activity — but selling-price inflation surged to its second-highest reading in the survey’s history S&P Global’s latest report (pdf) April's 37-month low of 46.6

The input cost picture got worse, not better.

“The principal move was an historic surge in selling charges, with the rate of output price inflation reaching its second-highest in the survey's history

Firms are bracing for more.

Jobs are the casualty.